Banks lift mortgage rates

Kiwibank and the Bank of New Zealand have lifted key mortgage rates following the Reserve Bank's interest rate rise last month.

Kiwibank raised its variable and revolving home loan rates by 0.25 percentage points to 7.75 per cent.

The BNZ also raised its variable rate by 0.25 percentage points, to 8.25 per cent, while its six-month and one-year rates rose by the same amount to 7.35 per cent and 7.50 per cent, respectively.